Senate orders crackdown on bandits flaunting crime cash on TikTok

Abuja, Nigeria | By Prime Brief Media

The naira held firm at the official window on Friday, June 12, while the parallel market also recorded marginal gains, reflecting sustained forex liquidity and improved market sentiment.

At the Nigerian Foreign Exchange Market (NFEM), the naira closed unchanged at ₦1,362.05 per US dollar, reflecting subdued trading activity and balanced order flows between buyers and sellers. The apex bank's continued intervention and improved dollar supply have helped moderate volatility.

Nigeria's external reserves continue to provide a buffer for FX stability, supporting the central bank's ability to manage demand pressures and smoothen volatility. The reserves recently crossed the $50 billion mark for the first time since 2009.

Analysts note that the CBN's new foreign exchange manual, which took effect on June 1, has improved transparency, market efficiency, and liquidity. The manual introduced a comprehensive overhaul of operational procedures governing foreign exchange transactions.

In the parallel market, the naira traded between ₦1,390 and ₦1,395 on Friday, depending on location and dealer quotes. The spread between the official and parallel market rates remained relatively narrow compared with previous years.

The stability of the naira is crucial for businesses and investors as the country heads toward the 2027 elections. However, analysts caution that political uncertainty could trigger volatility.